Ralph Lauren Corp said Stefan Larsson, its chief executive for just over a year, will step down on May 1 following disagreements with chairman Ralph Lauren over the direction of the company.

The company also reported a 12 percent fall in holiday quarter revenue to $1.71 billion, hurt by a slump in wholesale shipments to customers as consumer demand weakened.

Ralph Lauren’s shares fell 10 percent to $78.3 in premarket trading on Thursday.

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